USA wages trade war on China with new $200bn tariffs

Steel pipes to be exported are seen at a port in Lianyungang Jiangsu province China

The tariffs will start at 10 per cent and rise to 25 per cent starting January 1.

The new list would spare fitness trackers from Fitbit Inc (FIT.N), which had said in a comment letter to regulators that the tariffs would compromise its own investment in the United States.

Trump threatened that nations that don't make "fair" deals withe US with getting "Tariffed" on Monday morning prepared to slap the trade rival with the expected $200 billion in penalties. He demanded Canada and Mexico renegotiate the North American Free Trade Agreement to make it more favourable to the United States.

Despite the changes, the new tariffs still will cover about US$200 billion worth of additional Chinese goods, as part of an intensifying trade dispute between the world's two largest economies.

The products spared included consumer electronics like smart watches and Bluetooth devices, child safety products such as high chairs, vehicle seats and playpens, and certain health-and-safety products such as bicycle helmets, the officials said. But if the administration enacts the additional tariffs it would engulf all remaining US imports from China and Apple products like the iPhone and its competitors would not likely be spared.

Three months later, he released a new list of £24bn ($34bn) of Chinese goods to face a 25 percent tariffs, implemented in August.

"As President, it is my duty to protect the interests of working men and women, farmers, ranches, businesses, and our country itself", Trump said in a statement.

James Knightley, Chief International Economist at ING, points out that the US President Trump has announced the latest round of tariffs on $200 billion of Chinese imports, which will start next week and with the president's approval rating at a four-month low and the mid-terms fast approaching, there is no prospect of an imminent easing in tensions. Instead, we are now awaiting China's retaliation.

USA and Chinese trade delegations led by Treasury Sec.

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"I think that kind of tactic is not going to work with China".

Trump's latest escalation of tariffs on China comes after several rounds of talks yielded no progress. US Treasury Secretary Steven Mnuchin invited top Chinese officials to a new round of talks last week, but thus far nothing has been scheduled.

"They want to make a deal", Trump said.

"After a thorough study, the USTR concluded that China is engaged in numerous unfair policies and practices relating to United States technology and intellectual property - such as forcing United States companies to transfer technology to Chinese counterparts", the president said Monday night.

Fang told the Tianjin forum that he hopes the two sides can sit down and talk, but added that the latest USA move has "poisoned" the atmosphere.

When Mr. Trump announced the roughly $200 billion in additional tariffs from a list proposed earlier this year, the administration had already removed a number of Chinese products from the original list, including certain consumer electronics like watches and Bluetooth devices.

"China, however, still refuses to change its practices - and indeed recently imposed new tariffs in an effort to hurt the United States economy", President Trump said Monday. But they object to Trump's tactics and warn the dispute could chill global economic growth and undermine worldwide trade regulation.

Global stocks edged up Tuesday despite continued threats of tariffs between the USA and China, with investors increasingly anticipating friction and hopeful that any trade barriers will be introduced gradually. The WSJ Dollar Index, which measures the US currency against a basket of 16 others, was flat. It has weakened by about 6.0 percent since mid-June, offsetting the 10 percent tariff rate by a considerable margin. It's possible that many other executives will sound the alarm over trade.

Technology and retail groups had argued that the tariffs would hit consumers hard.

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